(1) No duty is chargeable under this Chapter in respect of a transfer of dutiable property that is subject to a fixed trust ( the principal trust ) to a beneficiary of the trust if—
(a) the duty (if any) charged by this Act in respect of the dutiable transaction that resulted in the dutiable property becoming subject to the principal trust has been paid or the Commissioner is satisfied that the duty will be paid; and
(b) the beneficiary was a beneficiary at the relevant time; and
(c) the transfer is—
(i) to the beneficiary absolutely; or
(ii) to the beneficiary as trustee of another trust all the beneficiaries of which are—
(A) natural persons who were beneficiaries of that other trust at the relevant time; or
(B) a corporation as trustee of a further trust all the beneficiaries of which are natural persons who were beneficiaries of that further trust at the relevant time; and
(d) the dutiable value of the property transferred does not exceed the value of the beneficiary's interest in the principal trust; and
(e) the Commissioner is satisfied that the transfer is not part of a sale or other arrangement under which there exists any consideration for the transfer.
(2) If a beneficiary would be entitled to an exemption from duty under subsection (1) but for subsection (1)(d), the beneficiary is entitled to a concession from duty in respect of so much of the dutiable value of the dutiable property that does not exceed the value of the beneficiary's interest in the principal trust.
(3) Nothing in this section limits the application of the exemption in section 34.
(4) A reference in this section to dutiable property becoming or first becoming subject to a trust includes a reference to property from which that dutiable property was derived, by subdivision or consolidation of titles, becoming or first becoming subject to the trust at a time when the transferee was a beneficiary of the trust.
(5) In this section—
"fixed trust" means a trust other than—
(a) a discretionary trust (within the meaning of section 36A); or
(b) a trust to which a unit trust scheme relates; or
(c) a superannuation fund (within the meaning of section 41A);
"relevant time" in relation to dutiable property that is subject to the principal trust, means the time at which the property first became subject to the principal trust.
S. 36A inserted by No. 84/2006 s. 3.